Why Are University Endowments Large and Risky?
构建了一个结合大学实际生产决策与捐赠基金规模和资产配置选择的模型，发现内部项目生产率（机会成本）是首要影响因素，而UPMIFA规定的7% payout约束对重视内部项目的大学造成损害，阻碍捐赠基金作为有效缓冲库存，增加生产波动性并减缓高生产率大学的增长。
We build a model of universities combining their real production decisions with their choice of endowment size and asset allocation. Variation in opportunity cost, that is, the productivity of internal projects, has a first-order effect on these choices. Adding the UPMIFA-mandated 7% payout constraint, the endowment size and asset allocations match those empirically observed. This constraint has little effect on universities that do not value the output of their internal projects but harms those that do: it prevents the endowment's use as an effective buffer stock, thereby increasing the volatility of production, and it slows the growth of the most productive universities.